India is the second most ‘unequal’ country in the world after Russia, with millionaires controlling more than half of its total wealth, a report by Johannesburg-based wealth research firm New World Wealth said earlier this week.

In India, 54 per cent of its wealth is controlled by millionaires. While India is among the 10 richest countries in the world with a total individual wealth of $5,600 billion, the average Indian is quite poor, the report said.

“The higher the proportion the more unequal the country is. For instance, if millionaires control over 50 per cent of a country’s wealth, then there is very little space for a meaningful middle class,” the report said.

Worldwide, Russia is the most unequal country where millionaires control over 62 per cent of the nation’s total wealth.

Instead, Japan showed up as the most equal country, with millionaires controlling only 22 per cent of total wealth.

The report also found the US to be ‘surprisingly’ equal, with millionaires controlling around 32 per cent of the nation’s total wealth.

“This is surprising low considering all the negative press that the US gets in terms of income inequality,” it added.

Britain was found to be slightly less equal than the US, with its millionaires controlling around 35 per cent of the total wealth there.

Russia also tops the list of a country’s wealth held by billionaires (with net assets of $1 billion or more) with 26 per cent of the total Russian wealth held by this category of high net worth individuals.

Japan again is the most equal in this category, with billionaires controlling only three per cent of the total wealth of the country.

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Gaurav Agrawal

Sep 5, 2016 at 4:43 am

Useless statistic. In any study you'll find that 50% of people are richer than the other 50%. All it tells us is that India probably has more millionaires than Russia.lt;br/gt;lt;br/gt;A good statistic on the other hand would be what % of potion owns the 80% of nations wealth, and their breakup (politicians/capitalists/NGOs etc.)

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ak dev

Sep 4, 2016 at 4:12 pm

It would have been 94% if Congress rule had continued for few more decades

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Analystt

Sep 7, 2016 at 1:18 am

Just saw the comments. Talk about sour grapes.... Those saying all rich are Hindu... Do you know about Azim premji or Tatas(parsi not Hindu) et all... People protesting against others being rich should just man up and compete rather than batch and moan about it...

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agajan

Sep 4, 2016 at 1:17 pm

This is the main issue of india the rich they want to be more rich and then the poor are becoming more poor people must donate for organisation like mesco nab and all the organizational which are serving poor free education must be given to student and voluntary donation must be made by the rich people when people are dying of hunger and poverty and rich are running after money it's shows that human have become materialistic a iron is valued more than human being when person has BMW mercedes he is respected the iron is respected rich people must learn to donate after death his all wealth is useless only his good deed will go with him long live india long live mesco nab charitable group bharat mata ki jai